Addressing Director and Officer Liability Risks Through D&O Liability Insurance Contracts
First written in FY2021. 1 of 2 entries say "Restated". Latest entry: FY2023.
- FY2023RestatedAnnual report
「The Company has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 430-3, Paragraph 1 of the Companies Act, naming all directors and audit & supervisory board members of the Company and its subsidiaries as insured persons. The Company bears the full amount of the insurance premiums.」
The directors and officers liability insurance policy covering all directors and audit & supervisory board members remains in place. - FY2021First statedAnnual report
「The Company has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 430-3, Paragraph 1 of the Companies Act, naming all directors and audit & supervisory board members of the Company and its subsidiaries as insured persons. The Company bears the full amount of the insurance premiums. The policy covers litigation expenses and damages incurred by insured persons in connection with corporate lawsuits, shareholder derivative actions and third-party lawsuits, within the policy's coverage limit. However, losses arising from misconduct by an insured person or acts undertaken by an insured person with knowledge that they violated laws or regulations are excluded from coverage.」
For the first time, the Company described as a separate topic its directors and officers liability insurance policy covering all directors and audit & supervisory board members, under which litigation expenses, damages and other costs are covered within a specified scope.